In the Indian Financial Management System, the apex institution for regulating the money market is: MCQ with Answer and Explanation

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In the Indian Financial Management System, the apex institution for regulating the money market is:

A. RBI

B. SEBI

C. Ministry of Corporate Affairs

D. IRDAI

Answer: Option A

Solution (By JKSSB Mock Tests)

The Reserve Bank of India (RBI) controls monetary policy and regulates the money market in India.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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Question #1

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Interest on a bank loan accrued but not paid at year-end is shown in the final accounts by:

A. Debiting Trading A/c, Deducting from Bank Loan

B. Crediting P&L A/c, Showing as an Asset

C. Debiting P&L A/c, Adding to Bank Loan in Balance Sheet

D. Ignoring it until paid

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Correct Answer: Option C

Explanation:
Accrued interest is an expense for the year (Debit P&L) and an outstanding liability (Added to loan or shown separately in Balance Sheet).

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Question #2

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The Indian Financial Management System (IFMS) integrates:

A. Only state government accounts

B. Only receipts

C. Expenditure, receipts, and debt management

D. Only pension payments

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Correct Answer: Option C

Explanation:
IFMS is a comprehensive system covering all aspects of government financial management including budget, expenditure, receipts, and debt.

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Question #3

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A 'Flexible Budget' is most useful because it:

A. Only targets cash flows

B. Shows expected costs at various levels of actual production

C. Can be changed by managers without approval

D. Assumes all costs are fixed

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Correct Answer: Option B

Explanation:
Unlike a static budget, a flexible budget adjusts based on the actual activity level, providing a realistic benchmark for variance analysis.

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